Guideline Value for Nethaji Nagar 1st Street

Nethaji Nagar 1st Street guideline value

The current guideline value of Nethaji Nagar 1st Street is Rs 3,100 per sq.ft. This street is located in Ramapuram village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - I.

How the guideline value of Nethaji Nagar 1st Street has changed

The guideline value for Nethaji Nagar 1st Street has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,800 per sq.ft. This was followed by a decrease to Rs 1,876 per sq.ft in 2017. The 2023 revision increased the value to Rs 2,800 per sq.ft, and the most recent revision in 2024 set the value at Rs 3,100 per sq.ft.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The increase from 2023 to 2024 is 11%. Overall, from 2012 to 2024, the guideline value has increased by 11%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, which is the same as the guideline value for Nethaji Nagar 1st Street.

• Nethaji Nagar 2nd Lane: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar: Rs 3,100 per sq.ft (2024)
• Nethaji Street: Rs 3,100 per sq.ft (2024)
• Nehru Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Nethaji Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, bringing the total to Rs 2,79,000. It is important to note that stamp duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Nethaji Nagar 1st Street?

The Nethaji Nagar 1st Street is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Ramapuram

The guideline value plays a crucial role during property registration in Ramapuram. It serves as the benchmark for determining the stamp duty and registration fees that are applicable when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the fees reflect the value of the property accurately.

Frequently asked questions

What is the current guideline value of Nethaji Nagar 1st Street?

The current guideline value of Nethaji Nagar 1st Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the land classification for Nethaji Nagar 1st Street?

Nethaji Nagar 1st Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000 and the registration fee would be Rs 62,000, totaling Rs 2,79,000.

Which office handles the registration for Nethaji Nagar 1st Street?

The Chennai South Joint II Sub Registrar Office handles the registration for Nethaji Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.